Limited Term Contraction Right Sample Clauses

Limited Term Contraction Right. Landlord shall have the right, as to each Leased Property, to elect to contract the Term, and accelerate the applicable Expiration Date, of this Lease as it applies to such Leased Property. To exercise such election and right as to a particular Leased Property, Landlord shall give a written notice (a “Contraction Notice”) to Tenant specifying the revised, earlier Expiration Date that will, for all purposes of this Lease, thereafter be applicable to such Leased Property, which revised, earlier Expiration Date so specified by Landlord shall be (i) not more than one hundred twenty (120) days prior to the Expiration Date that was applicable to such Leased Property immediately prior to Landlord’s Contraction Notice with respect thereto, (ii) no sooner than sixty (60) days after the date of Landlord’s aforesaid Contraction Notice, and (iii) binding upon Landlord and Tenant upon Landlord’s issuance of such Contraction Notice. Landlord may issue one, but not more than one, Contraction Notice as to each Leased Property.
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Limited Term Contraction Right. Subject to the following sentence, Landlord shall have the right, as to each Leased Property, to elect to contract the Term, and accelerate the Expiration Date, of this Lease as it applies to such Leased Property; provided, with respect to the initial Term and the first Extended Term, absent the continuation of an Event of Default, Landlord shall not make such election unless Tenant has not given notice of its election to extend the Term pursuant to Section 43.1. To exercise such election and right as to a particular Leased Property, Landlord shall give a written notice (a “Contraction Notice”) to Tenant specifying the revised, earlier Expiration Date that will, for all purposes of this Lease, thereafter be applicable to such Leased Property, which revised, earlier Expiration Date so specified by Landlord shall be (i) not more than 120 days prior to the Expiration Date that was applicable to such Leased Property immediately prior to Landlord’s Contraction Notice with respect thereto, (ii) no sooner than 60 days after the date of Landlord’s aforesaid Contraction Notice, and (iii) binding upon Landlord and Tenant upon Landlord’s issuance of such Contraction Notice. Landlord may issue one, but not more than one, Contraction Notice as to each Leased Property.
Sample 1

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